Global equities continued to trade higher on Tuesday
Ichimoku Kinko Hyo GBP/JPY: The GBP/JPY pair is now trading slightly above the cloud…
The Polish Zloty was one of the worst performing EM currencies yesterday
Information is not investment advice
Ichimoku Kinko Hyo
GBP/JPY: The GBP/JPY pair is trading between the Tenkan sen and Kijun sen level. An upward wave would push the market above the Tenkan sen level to test the previous peak and even higher. Alternatively, if the bears manage to withstand the bulls’ pressure the currency pair would move lower.
European Market View
Ιn terms of data releases today, in the US, consumer confidence from University of Michigan for September is released. In the euro area, final CPI numbers for August are released as well.
Markets will also keep an eye on the development in the problems for China's second largest developer Evergrande and possible contagion to other markets.
In the equities space we ‘ve seen a lot of all-time highs the last days and the risk appetite in equity markets has faded somewhat. This is well in line with what is expected for the rest of the year where some of the strong tailwind’s equities have had the last 16 months are fading. In the US, equities were mostly lower, Dow -0.2%, S&P 500 -0.2% and NASDAQ +0.1%. Markets are mixed in Asia this morning where the Evergrande story continues to unfold. European futures are 0.5% higher while US futures are only a notch higher.
In the FX space now, the Polish Zloty was one of the worst performing EM currencies yesterday largely because of the general sour mood posed by USD strength.
Michael Eliades
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